By Sabela Ojea
Shares of Dave & Buster's Entertainment on Wednesday dropped after Chief Executive Chris Morris resigned after the company's sales declines accelerated in the latest quarter.
The stock was down 15% to $31.38 in morning trading, on pace for the largest percent decrease since March 2022. Shares have fallen 35% over the past 12 months.
Morris, who has been in the role for two years, left Dave & Buster's to join European Wax Center as CEO and Chairman of the board, effective Jan. 8.
Morris' exit comes as the company reports a significantly wider loss and lower revenue for its fiscal third quarter. He will be replaced by board chair Kevin Sheehan on an interim basis.
The company cited adverse weather trends across some of its most important regions and disruptions to some stores during remodeling behind its latest results.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
December 11, 2024 11:47 ET (16:47 GMT)
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